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Economics and Economic Systems - Coggle Diagram
Economics and
Economic Systems
definitions
economics
science
production
distribution
consumption
divided
macroeconomics
microeconomics
economy
complex of activities
various types
production factors
questions
origins of economics
18th century - industrial revolution
Adam Smith - book Invisible hand
(represents market mecanism)
Marx - book Capital
economic systems
traditional economy
the oldest
tee plantation
Haiti
undeveloped economic system
farm based, hunting, fishing
command economy
goverment determnes
comminust society
socialist countries
Cuna and North Korea
free market economy
little or no government control
supply x demand
invisible hand
profitability
price creating by S x D
mixed economy
market economies + planned economies
free market with state intrventions
private + oublic enterprise
government - fiscal and monetary instruments
directives and regulations
Czech rep.
transition economy
transformed freom centrally planed
to open market e.
phase of transition
economic liberalization
trade barriers are removed
financial sector is created
Economic sectors
primary
extract product from the earth
secondary
finished goods from the raw material
tertialy
service industry + finance
quartenary
edu + science
quinary
higest level of dicision
economic policy
level of taxation
government budget
deficit
surplus
equality
the money supply
interest rates
national ownership
other areas of government intervention
result should be
support economic growth
decrease unemployment + inflation
balanced badget on surplus
should invest to key infrastructure
support export
support education
support science